Retire

Working during your senior years could actually come back to bite you if you aren't prepared. Here are three pitfalls to bear in mind.

Many Americans are inching closer and closer to retirement unsure of whether they have saved up enough to live comfortably during their golden years.

It's not very often that you can get hundreds of thousands of dollars in free money. But some Americans have a prime opportunity to do just that, simply by making a smart financial choice.

Here are five steps you might take if you want to work toward that ambitious goal of multi-millionairehood.

If your retirement savings are falling short, it can be hard to catch up. But how much do you actually need to retire? If you reach retirement age with $100,000 in the bank, just how far will that money go?

If you're at all worried about making ends meet once your paycheck goes away, you should know how to estimate the value of postponing your retirement.

Roughly 70 million Americans will be able to take advantage of Social Security benefits' 2021 cost-of-living increases.

Buying into the following beliefs could leave you cash-strapped during your senior years.

Your early retirement contributions usually end up being the most valuable because they have more time to grow.

Whether you're receiving benefits or are working toward your eventual retirement, it's possible that these changes will affect what you'll take home in 2021 or beyond.

There's a good chance that Social Security will end up being an important source of income for you in retirement, so you'll want to get your filing decisions just right. And that means steering clear of the following mistakes you could end up making when you're part of a married couple.

More than 60 million Americans count on Social Security benefits right now to help cover their living expenses, and nearly all of us expect to get some money from the program.

Social Security may provide a substantial chunk of income for you as a senior, but it shouldn't be your only source.

The money in your retirement savings account generally can't sit there forever. Unless you have a Roth IRA, you're obligated to remove a portion of your account balance each year once you turn 72.

What you receive each month from Social Security can significantly impact your financial well-being.

A 401(k) usually lets you choose from a handful of mutual funds your employer selected, and sometimes that's fine. But if there aren't any options that appeal to you, there isn't a lot you can do. Your employer might be willing to add some more investment choices if you request it, but it doesn't have to.

Depending on how your retirement funds were invested, your balance may or may not have been growing in lockstep with the market.

A recent report from Fidelity shows that 23.2% of baby boomers in a defined contribution plan have too much exposure to high-risk investments. And that, in turn, could open the door to serious losses that these savers may never recover from.

By the time you reach age 50, you should be well on your way to achieving your retirement goals.

You don't have to raise your contributions that significantly to see a noticeable difference in your retirement account balance.